{"id":203621,"date":"2021-07-25T18:00:23","date_gmt":"2021-07-25T18:00:23","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=203621"},"modified":"2021-07-25T10:25:36","modified_gmt":"2021-07-25T10:25:36","slug":"indias-largest-oil-refiner","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/indias-largest-oil-refiner\/","title":{"rendered":"India’s largest oil refiner to boost capacity this decade"},"content":{"rendered":"

India\u2019s largest oil refiner, Indian Oil Corporation (IOC), plans to ramp up crude oil refining capacity by one-third over the next half-decade, the corporation\u2019s top executive said.<\/p>\n

IOC thinks gasoline and diesel demand will continue to rise in India, chairman Shrikant Madhav Vaidya told\u00a0Bloomberg<\/a>.<\/p>\n

\u201cI firmly believe all forms of fuel will have a place to stay — fossil fuels will be there,\u201d Vaidya told Bloomberg in an interview published on Friday.<\/p>\n

\u201cConsumption is going from leaps and bounds and energy security is the primary concern for me, which may not be the concern to the developed world,\u201d he said.<\/p>\n

India’s largest oil refiner<\/h2>\n

To raise its crude oil processing capabilities to nearly 2.15 million barrels per day, IOC will invest $13 billion in its capacity expansion.<\/p>\n

IOC operates 11 of India\u2019s 23 refineries and owns 51% of the crude and product pipelines (by length) and 42% of number of fuel retail outlets, Fitch Ratings\u00a0said<\/a>.<\/p>\n

Fitch affirmed IOC\u2019s rating at BBB- last week.<\/p>\n

According to chairman, IOC\u2019s top Indian oil refiner is taking some steps in investing in low-carbon energy.<\/p>\n

IOC experiments with hydrogen for transport, invests in solar, wind and battery technology, and plans to power new units with renewable energy, Vaidya said.<\/p>\n

Unlike that of oil-to-telecoms conglomerate Reliance Industries, IOC\u2019s strategy continues to be based on demand for fossil fuels.<\/p>\n

IOC announced Friday its plan to build the country\u2019s first green hydrogen plant at its Mathura refinery.<\/p>\n

This move comes at a time when India, the world\u2019s third-largest oil importer, is recalibrating its energy sourcing playbook keeping its strategic and economic interests in mind.<\/p>\n

Importing 85% of its oil and 53% of gas demand, green hydrogen can be a game changer for India.<\/p>\n

\u201cPetroleum refining and marketing with much higher petrochemicals integration will continue to be IOC\u2019s key focus area. We are going to add 25 million tonnes of refining capacity by the year 2023-24,” Vaidya said in a statement.<\/p>\n

\u201cWhile IOC\u2019s has been working on various hydrogen production pathways, the current project at Mathura Refinery will be pioneering the introduction of green hydrogen in the Indian oil & gas sector,” the IOC statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s largest oil refiner, Indian Oil Corporation (IOC), plans to ramp up crude oil refining capacity by one-third over the next half-decade, the corporation\u2019s top executive said. IOC thinks gasoline and diesel demand will continue to rise in India, chairman Shrikant Madhav Vaidya told\u00a0Bloomberg. \u201cI firmly believe all forms of fuel will have a place […]<\/p>\n","protected":false},"author":4,"featured_media":203633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2081],"tags":[278,973],"class_list":["post-203621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2081","tag-featured","tag-india"],"yoast_head":"\nIndia's largest oil refiner to boost capacity this decade | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - India\u2019s largest oil refiner, Indian Oil Corporation (IOC), plans to ramp up crude oil refining capacity by one-third over the next half-decade.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/indias-largest-oil-refiner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India's largest oil refiner to boost capacity this decade | BNReport\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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